I have seen so many client cases where parents have have abused their children's credit before they even had a fighting chance. The parents went and purchased items in their minor children's names or have had young adult children cosign for purchases after neglecting their own credit. How fair is that? It's not. Now I personally feel that we need to have a balance with debt and #debtfreedom. Yes I know that is an oxymoron but most families are not going to be able to save to purchase a house unless they started at a young age. Most adults are not taught financial literacy in high school or at home so experience is the teacher. Are you catching where I am going with this?
I think this sucks okay! But it made me sit and evaluate my own parenting skills when it came to personal finance. Are my children financially ready and prepared to leave the nest? Will they be boomerang kids? Are we prepared for college? Needless to say I was about to go down the rabbit hole.....STOP! Lets make the changes today.
At this point I have decided that my goal is to make sure that those around me as well as myself are as financial savvy as possible. Meaning let us start to have the conversations that make us feel uncomfortable about #personalfinance. How are we supposed to know how to fix these issues of we can't identify them?
Children are little life sized mirrors of their parents so we have to reflect the best parts that we can. That doesn't mean we are perfect but we can be perfected in areas of our lives. So lets talk! What can we do to help reduce the effects of personal finance and parenting?
Until next time